BP said higher oil prices and refining margins should lift second-quarter profit.
Why it matters: The update signals BP may post a stronger quarter even with lower output and impairments. Lower expected net debt also points to a firmer balance sheet heading into second-half results and capital return decisions.
- BP expects $1.8 billion to $2.1 billion in oil-production realizations and $1.2 billion to $1.4 billion in stronger realized refining margins.
- The company expects about $1 billion in impairments in the quarter.
- Reported upstream production is expected to fall to 2,170-2,220 thousand barrels of oil equivalent per day from 2,339 thousand in the first quarter, citing seasonal maintenance in the Gulf of America and disruption in the Middle East.
- BP said net debt at quarter-end should be $22 billion to $23 billion, down from $25.3 billion in the first quarter.
BP said its second-quarter trading update points to a stronger profit period, helped by higher realized oil prices and better refining margins. The company said the quarter should benefit from $1.8 billion to $2.1 billion in oil-production realizations and $1.2 billion to $1.4 billion in stronger realized refining margins.
BP also said reported upstream production is likely to decline to 2,170-2,220 thousand barrels of oil equivalent per day from 2,339 thousand in the first quarter. The company cited seasonal maintenance in the Gulf of America and disruption in the Middle East.
Net debt at the end of the quarter is expected to fall to $22 billion to $23 billion from $25.3 billion in the first quarter. BP said that decline reflects the redemption of €2.5 billion in perpetual hybrid bonds and payment of $1.1 billion in Gulf of America settlement liabilities.
BP said it plans to publish second-quarter results on Aug. 5, 2025.
By the numbers
- $1.8 billion to $2.1 billion - expected oil-production realizations in Q2.
- $22 billion to $23 billion - expected net debt at quarter-end, down from $25.3 billion in Q1.
- 2,170-2,220 thousand boe/d - expected reported upstream production, versus 2,339 thousand in Q1.
Yes, but: The update is BP's own trading guidance, so it signals direction rather than a final results figure.
What's next: BP said it will publish second-quarter results on Aug. 5, 2025.